Mr. Adrian Smith reports

AVANTE ANNOUNCES ACQUISITION OF 1446199 B.C. LTD.

Avante Mining Corp. has entered into a share purchase agreement dated March 4, 2024, with 1446199 B.C. Ltd. (1446) and all of the shareholders of 1446 (the vendors) to acquire 100 per cent of the issued and outstanding shares of 1446. 1446 is the owner of a 100-per-cent interest in 13 mining licences totalling 17,375 hectares which adjoin the company's Pipestone project in central Newfoundland.

Project highlights:

• Increased project size, covers approximately 210 square kilometres of mineralized belt;
• Avante is the first company to target awaruite (nickel-iron alloy) in this region since 2012;
• Increased size secures the majority of the nickeliferous Pipestone ultramafic complex;
• Historical drilling in the north property area reassayed up to 0.27 per cent Ni and 0.22 per cent Ni over the entire hole of 87.15 metres (bottomed in mineralization) and remains open in all directions (NFLD/3284);
• Good infrastructure with existing road access extending onto the property and a hydroelectric generating station located approximately 15 kilometres south of the property;
• Major expanded regional compilation under way to allow acceleration through early-stage exploration on the property.

Adrian Smith, chief executive officer, comments: "This acquisition represents a significant step forward for Avante, effectively securing the vast majority, over 40 kilometres, of the Pipestone ultramafic belt that is known to host nickel and other mineralization. The Pipestone belt was identified by Cliffs Natural Resources Inc. as a high-probability region to define a bulk-tonnage nickel deposit. We are excited to gain the opportunity to follow through on the work started by Cliffs and are excited to begin working on this massive project area."

Pursuant to the agreement, the company will purchase all of the issued and outstanding shares of 1446 from the vendors in consideration for 15,690,001 common shares of the company, on the basis of one payment share for each one 1446 share. In accordance with the terms of the agreement, each of the vendors and Avante will enter into a contractual lock-up agreement, whereby the payment shares will be subject to a three-year lock-up period, with 10 per cent of the payment shares being released upon closing of the transaction and 15 per cent of the payment shares being released every six months thereafter.

The transaction is subject to a number of customary closing conditions set forth in the agreement, including obtaining the applicable third party, corporate and regulatory approvals. After the completion of the transaction, 1446 will be a wholly owned subsidiary of the company. Certain vendors will retain a royalty on the property equal to a 2-per-cent net smelter return.

The company anticipates that the transaction will constitute an expedited acquisition pursuant to the policies of the TSX Venture Exchange.

The Pipestone property

Pending approval from the TSX-V, the Pipestone project will now cover over 40 kilometres of strike, effectively securing the majority of the nickeliferous Pipestone ophiolite ultramafic complex. The project is ideally located in central Newfoundland with road access to the north and south; it also has access to a hydroelectric power station within 15 kilometres south of the property.

Target mineralization within this belt includes bulk-tonnage-style near-surface nickel mineralization within the ultramafic rocks containing a high primary nickel content. The company is working to define areas within the property where these rocks have been altered to convert the primary nickel into either a nickel-iron alloy (awaruite) or a nickel-sulphide.

Areas of awaruite mineralization represent an opportunity for a green nickel source. Awaruite deposits such as FPX Nickel's prefeasibility-study-level Baptiste project have been validated by investment from the Canadian government, Finnish steel producer Outokumpu and Japanese JOGMEC.

The company intends to continue to provide updates in regards to its winter fieldwork and major regional compilation work as results become available.

Disclosure

Mr. Smith, PGeo, is a qualified person as defined by National Instrument 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (PGeo). Mr. Smith has reviewed and approved the technical information disclosed herein.

About Avante Mining Corp.

Avante Mining is a mining exploration company focused on developing high-value geographically significant projects including the Voisey's West and the Pipestone project. Avante is paving the way by combining quality projects with proven exploration strategies and a dedicated team to achieve exceptional outcomes.

The company's Voisey's West project is located in the same intrusive complex as the world-class Voisey's Bay nickel mine where reported remaining proven and probable reserves include 32.4 million tonnes of 2.13 per cent nickel, 0.96 per cent copper, 0.13 per cent cobalt, and additional measured and indicated resources include 10.3 million tonnes of 0.87 per cent nickel, 0.65 per cent copper, 0.04 per cent cobalt. The Voisey's Bay nickel mine represents one of the most competitive nickel operations globally.

The Pipestone project represents one of the rare awaruite projects globally which are a focus in the development of large-scale bulk-tonnage nickel targets that have low-carbon emission profiles and are very attractive to steel producers looking to reduce their carbon output.

We seek Safe Harbor.